I am thinking if you want to do that then you are very much...

I am thinking if you want to do that then you are very much entitled to do so.

I personally would not worry too much about the negative NTA. A lot of the value is tied up in the goodwill and a lot of that goodwill is tied up in brand names e.g. Bonds and Sheridan. Those brand names contribute nothing towards the NTA but are definitely worth something IMHO.

If you want to worry about something worry about cash flow. If this company can stay cash flow positive now and hang on to its good brands I think it will prove a long term winner. The cap raising actually helps cash flow as it made a dent in the debt; the rise in price - since the cap raising - is probably in part due to that and partly because the retail numbers are still looking fairly healthy.

I'd be surprised if there is any siginificant price movement until the results (or an update). But if you want to short it go for it.